Interactive review has been performed between free cash flows risk, debt policy and corporate governance structure

One of the agency problems، investment of free cash flows in projects with negative net present value which is leading to losses to investors. Creditors that funding for the project، are concerns from investing free cash flows in projects with a negative net present value due to information asymmetry and the managers possible misuse of confidential information. Whereas free cash flows can also be evaluated as a measure of the solvency. The main objective of this study is investigation of the relationship between free cash flows risk with debt and corporate governance variables. Then 120 listed companies in Tehran Stock Exchange (TSE) in the period 1381 to 1389 using screening method were selected and using three-stage least squares method for examining hypothesis. The results show that there is no significant relationship between corporate governance variables (ownership concentration، institutional ownership) and risk of free cash flow. Also، there is a significant positive relationship between financial leverage and tangible fixed assets، firm size، and growth opportunities; there is a significant negative relationship between leverage and tax revenue; and there is a significant negative relationship between board of directors independence and debt and risk of free cash flow.